A&O Shearman Johannesburg team heads for Bowmans after office closure

African firm Bowmans announced today (3 October) that it has hired all the lawyers from A&O Shearman’s shuttered Johannesburg office, including eight partners and a further six lawyers who are set to join as partners.

The moves include Johannesburg office managing partner Gerhard Rudolph and partners Deborah Carmichael, Ze’ev Blieden, Alexandra Clüver, Ryan Nelson, Callum O’Connor, Alessandra Pardini, and Brian Price.

Also joining Bowmans as partners are Mongezi Dlada, Alexandra Fekis, Kelle Gagné, Amanda Jones, Benjamin Mbana, and Nikita Shaw. All of the new hires will start at the firm in January 2025.

Allen & Overy has been in South Africa since 2014, when it launched with the hire of a seven-strong banking and finance team from local firm Bowman Gilfillan, led by banking partner Lionel Shawe. Rudolph and disputes partner O’Connor subsequently joined the office from Baker McKenzie in 2017.

While Shawe left to join White & Case in 2021, the base continued to build, with Clüver, Nelson, and Pardini all joining from Webber Wentzel later that year, followed by Blieden and Price, who came over from Werksmans in 2022, and Carmichael who joined from ENSafrica in March last year.

‘We are excited about this prospect because it aligns with our strategic objective of being the ‘go to’ African law firm in advising clients on their most complex legal challenges and opportunities across the continent’, Bowmans chairman and senior partner Ezra Davids said in a statement. ‘The team’s strengths in the banking, energy, mining and infrastructure sectors together with their expertise in transactional and disputes work across Africa will bolster our offering in these areas.’

Rudolph added: ‘Bowmans has a compelling value proposition. The firm’s comprehensive offering will provide opportunities for our lawyers to expand their practices. Its African footprint will enhance our ability to serve clients and provide access to new mandates.’

The hires for Bowmans come after it deepened its Johannesburg corporate bench in April with the hire of a four-lawyer team from Bakers led by M&A team co-head Angela Simpson.

The news comes less than a month after A&O Shearman revealed its plans to shut in South Africa. The newly merged firm has also said it will cut 10% of its total partnership and shutter the Consulting by A&O Shearman business it first launched in 2018. Other recent partner departures have included London-based private capital sector co-head Philip Bowden, who went to Proskauer in July with acquisition finance partner Megan Lawrence, and City leveraged finance partner Vanessa Xu, who left for Kirkland just before the merger completed in May.

A&O Shearman is not the only major firm pulling out of South Africa; news of its exit was quickly followed by the announcement that Hogan Lovells is also set to pull out of Johannesburg, as well as Sydney and Warsaw.

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This article first appeared on Legal Business.

‘We have a remit to build’ – ex-Latham team open up on Sidley’s bold City lev-fin play

In their first interview since leaving Latham & Watkins, Jayanthi Sadanandan and Sam Hamilton discuss their new roles as global co-heads of Sidley Austin’s leveraged finance practice

‘Sidley wants to provide a best-in-class financial sponsor legal service – Sam and I have built out a practice before and we know how to do this,’ says Sadanandan as she and Hamilton sit down to talk to LB on their first day at Sidley.

‘This is an exciting opportunity for us – we have a remit to build and Sidley has been very clear in its commitment to this area.’

Legal 500 Hall of Famer Hamilton and leading partner Sadanandan, who have worked together for 20 years, joined Sidley this week (1 October) having quit Latham in August after nearly 15 years at the firm.

The pair have joined alongside fellow Latham alumni Fergus O’Domhnaill, Joseph Kimberling and Ben Wright – with all five partners now sitting within Sidley’s global finance practice, and Sadanandan and Hamilton taking up newly created roles leading the leveraged finance offering worldwide.

The team will focus primarily on building a borrower-side practice for private equity sponsors, corporates and private credit funds, although it may extend to lender work at clients’ request.

‘Our focus is on the private equity finance side to better support the private equity platform,’ confirms Sadanandan. ‘As a transactional lawyer my goal is always just to get the deal done but, particularly in challenging market conditions, I think the interests between borrower side and lender side can diverge so it can be more challenging trying to manage both sides.’

Sadanandan, who featured as a deal star in LB’s ‘Alphas Revisited’ feature last year, has worked with clients including Permira, Blackstone, and CVC, while Hamilton’s key clients include Nordic Capital, Advanz Pharma, and Soho House.

Sidley’s regular PE clients include Apollo Global Management, KKR and Carlyle.

Hamilton says there were two main reasons for choosing to join Sidley. ‘We know everyone in the market who does our type of law and we felt that Sidley was a firm that has a lot of momentum and we liked the management mindset of wanting to grow in London, which we can help with. Secondly, when we began talks with Sidley, we enjoyed meeting the people and there was a cultural match in terms of how we all think about the world.’

‘In terms of size and the number of people, we don’t have a specific target in mind. It’s client-driven – if you do a great job, clients give you more work, and other clients will hear about it, creating a snowball effect. We expect that will happen.’

Sadanandan adds: ‘After we were approached, we realised there were a lot of synergies. Sidley is a longstanding law firm with a heritage that goes back 158 years, and we liked how it is a full-service law firm already in London. It already has the pieces in play and what Sidley is looking to do now is deepen the breadth of the bench and the breadth of the offering for their private equity clients.’

Sidley has been making a concerted push in the lucrative PE space as part of its broader expansion plans, bringing in Ramy Wahbeh as co-leader of the firm’s global private equity practice and co-head of the London corporate group, along with M&A partner Kaisa Kuusk, both of whom joined from Paul Weiss in June of last year.

Commenting on the hires Sidley management committee chair Yvette Ostolaza says: ‘I think if you’ve got the right team, then you will be delivering the type of service clients are expecting. And that’s what we’re going to be focused on, a very team-oriented approach that will deliver results for the client; with clients very much at the front and centre of our practice.’

The latest hires take Sidley to more than 200 lawyers in London, including more than 50 partners – meaning the office has grown by nearly a third over the last seven years.

And the expansion is far from over, with Ostolaza highlighting capital markets, high yield, and disputes and investigations as areas for further expansion in London, as well as additional growth in private equity.

There will also be an emphasis on building cross-border teams that serve clients in APAC, the Middle East, and London. ‘We’re speaking to a number of laterals in these areas,’ she comments.

The plans come after Sidley reported another strong financial performance, with the firm’s total revenues reaching the $3bn mark in 2023, a 6.1% increase from the previous year.

The firm has enjoyed a long streak of revenue increases after making a strategic decision in the mid-2010s, to increase its focus on the private capital sector and Ostolaza says it is on track for another good year.

‘Our first half of 2024 is off to a roaring start. Transactional activity has increased, disputes has also risen, so we’re expecting to have surpassed all metrics. We’re excited about this team because it’s part of our growth strategy,’ she adds.

In the US, the firm is aiming to strengthen its offices in San Diego, which launched in August, and South Florida and Miami offices, which opened in 2022. Alongside its emphasis on private equity, Ostolaza pointed out that there will also be a strong focus on key industry sectors, including life sciences, healthcare, energy, transportation, technology, media, sports, and entertainment.

She concludes: ‘We are still in a growth mindset, although we’re established. There’s disruption going on in the legal industry – we’re seeing more and more mergers, and we want to be one of the beneficiaries of this disruption on behalf of our clients. I think we’re going to have another banner year.’

Sadanandan and Hamilton were part of a four-partner team that moved to Latham from White & Case in 2010 in a move that planted the seeds for the Los Angeles-bred firm’s dominance in Europe’s leveraged finance market.

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This article first appeared on Legal Business.

The Law Commission has a pioneering role in ensuring law reform in the United Kingdom

In the latest instalment of our student blog, returning blogger Malcolm Glover delves into the current and future role of the Law Commission.

The Law Commission was founded in 1965 by the Law Commission Act 1965 and is an independent permanent full-time body away from political influence. Its primary role is to advance law reform and keep the law under review.

The Law Commission creates new legislation and reforms historic legislation, in particular the Fraud Act 2006 and the Bribery Act 2010.

Reform is necessary. The Commission undertakes extensive research and consultation with experts when reforming a specific area of law. Retrospectively, the Bribery Act was criticised for having laws and procedures without teeth. (1)

Bribery laws followed the Public Bodies Corrupt Practice Act and the Prevention of Corruption Act 1906. In its description as antiquated, the Poulson Scandal (2) highlighted the weakness of bribery law.

The Home Office published a draft consultation in 1997(3) suggesting the reform of anti-bribery law. The Commission published a report titled ‘Legislating the Criminal Code’ (4) aiming to simplify the Act with international obligations. (5)

The Commission’s paper led to criticism of the government by the public. The implementation of the Bribery Act 2010 highlighted the prominent role of the Commission in law reform. Furthermore, the report gained traction from the public emphasising the appropriate reform needed for the law on bribery.

While public interest influences the Executives’ choices of reform, a clear fallacy is the Executives are not bound by recommendations of reform proposed by the Commission, as evident in Offences Against the Person’s Act 1861.

A consultation paper was put forward by the Commission (6), which has been waiting for a response since November 2015. The Lord Chancellor has the jurisdiction to elect experts and former counsel to take a position on the Commission (7), which highlights the issue of its true sovereignty away from political influence and questions the Commission’s true pioneering role in law reform.

The Commission had a pioneering role in revoking offences (8) with concern of compatibility of the Human Rights Act 1998. The Home Secretary could not be advised in providing a statement of compatibility with the rights under the European Convention incorporated into statute. (9)

Although the Commission aids in the modernisation of laws, the methodology of reform can be lengthy, taking years and leading to work being wasted. The government is not bound by the Commission’s recommendations and must wait for Parliament to accept their proposals, which usually takes a long time due to the limited time for pure law reform.

In their tenth programme in 2008, an intention was made to examine the law surrounding “Unfitness to Plead” (10). A report was eventually published in 2016 (11) with the intention of modernisation, fairness, effectiveness, and accessibility, while also being cost-effective.

The Government has yet to respond to the “Unfitness to Plead” project. Although an interim response was made in June 2016 (12). An increased workload of the Commission brings the possibility of a lack of thoroughness in areas of reform, which is a plausible factor in the pioneering role of the Commission as a body.

It is evident that the Law Commission has had a significant role in reforming laws with a success of over 153 implemented reforms since 1966 (13).

Even though one’s stance may still be critical in refuting the Commission’s role due to the lengthy process of reform, the role of the Law Commission should not be undermined. Therefore, the Law Commission is needed during our ever-changing needs of society.

The Commission’s absence threatens public interest bridging the gap between the judiciary and society.

Malcolm Glover

 

1 Peter Yeoh, ‘Journal of Financial Regulation and Compliance’ (2012) 20 JFRC 264.
2 Peter Jones, ‘Re-thinking corruption in post-1950 urban Britain: Poulsen affair 1972-1976’ (2012)
3 Law Commission, Reforming Bribery (Law Com No 185, 2007)
4 Law Commission, Criminal Code for England and Wales (Law Com No 177, 1989)
5 Law Commission, Legislating the Criminal Code: Corruption (Law Com No 248, 1998)
6 Law Commission, Reform of Offences Against the Person (Law Com No 217, 2014)
7 Law Commission Act section 1 (3)

8 Law Commission, ‘Fraud and Deception’(Law Commission, Reforming the law, April 1999)

Fraud and Deception


9 Law Commission, Legislating the Criminal Code Fraud and Deception (Law Com No 155, 1999). Highlighting
the pioneering role of the Commission.
10 Law Commission, ‘Unfitness to Plead’(Law Commission, Reforming the law, April 2008)

Unfitness to Plead


11 Law Commission, Unfitness to Plead (Law Com No 364, 2016)
12 Letter from Mike Penning Minister of Parliament to The Honourable Sir David Bean (30 June 2016).
13 Law Commission, ‘Implementation Table’(Law Commission, Reforming the law, 2022)

Implementation Table

 

Sidley Austin snaps up five-partner Latham & Watkins team as US firms continue battle for London talent

Sidley Austin has hired five sponsor-side leveraged finance partners from Latham & Watkins in London, led by Jayanthi Sadanandan and Sam Hamilton.

Hall of Famer Hamilton and Legal 500 acquisition finance leading individual Sadanandan are set to leave Latham after nearly 15 years.

The three other partners joining them are Fergus O’Domhnaill, Joseph Kimberling and Ben Wright.

Sadanandan (pictured), who featured as a deal star in LB’s ‘Alphas Revisited’ feature last year, advises sponsors and corporates, with clients including Permira, Blackstone, and CVC, while Hamilton’s key clients are Nordic Capital, Advanz Pharma, and Soho House.

Sadanandan has held a number of management roles at Latham including serving as managing partner of the London office from 2015 to 2020, succeeding M&A partner Nick Cline after the end of his five-year term.

Sadanandan and Hamilton were part of a four-partner team that moved to Latham from White & Case in 2010 in a move that planted the seeds for the Los Angeles-bred firm’s dominance in Europe’s leveraged finance market. The team also included finance veteran and standout performer Chris Kandel, who later moved to Morrison Foerster in 2019 and joined McDermott this May, as well as Brian Conway, who moved to Jones Day in 2013.

Earlier this week, it was also revealed that a Latham team of six alternative investments lawyers joined Milbank, led by finance partner Alex Martin. Among them is Kristine Kozicki, joining Milbank as special counsel, along with four associates.

The team fills the void at Milbank left by John Goldfinch, who joined pre-merger Allen & Overy in April as a partner in its global structured finance practice. Goldfinch made the move with four senior associates from Milbank: Adrian Kwok, Peter West, Eleanor Cripps, and Alexandra Wells.

Latham strengthened its banking and finance practice in May by hiring partners Jonathan Brownson, Joydeep Choudhuri, and Prue Criddle from Cahill Gordon & Reindel in London. Brownson, Legal 500 Hall of Famer for acquisition finance, spent the majority of his career at pre-merger Allen & Overy before leaving for Cahill in 2020 with fellow finance partner and Legal 500 high yield leading individual Jake Keaveny, in a move that was crucial in developing Cahill’s then-nascent London finance practice.

Sidley’s recent hires follow its recruitment of Ramy Wahbeh as co-leader of the firm’s global private equity practice and co-head of the London corporate group, along with M&A partner Kaisa Kuusk, both of whom joined from Paul Weiss in June of last year. This followed the March hires of James MacArthur and Ed Freeman from Weil, with MacArthur now overseeing Sidley’s European energy, transportation, and infrastructure practice.

However, Sidley’s London team experienced the departure of private equity partner Fatema Orjela—also recognised as a deal star in LB’s ‘Alphas Revisited’ feature—who moved to McDermott in April, joining alongside Kandel. More recently, partners Lyndsey Laverack and Jade Williams-Adedeji left Sidley last month to join Covington & Burling’s EMEA PE practice.

While these departures have understandably raised questions about Sidley’s plans for London, London managing partner Tom Thesing told LB in an interview earlier this year that the firm remains committed to recruiting talent. ‘We’ll continue to look for talent in the market and grow our business,’ he said.

Sidley Austin and Latham & Wakins have been approached for comment.

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This article first appeared on our sister publication, Legal Business.

Paul Hastings continues run of London structured finance laterals with Weil hire

In another boost for Paul Hastings’ London office, the US firm has recruited structured finance specialist Brian Maher as a partner from Weil Gotshal & Manges.

Maher, who is a Legal 500 leading individual for securitisation, will be accompanied by counsel Sophie Bainbridge and associate Emily Firmston.

This latest move marks Paul Hastings’ third significant partner hire from Weil since April, following the announcement of banking and finance partner Reena Gogna in June and arrival of Shawn Kodes, who joined the firm’s New York office as co-chair of asset-backed finance earlier in the year.

Speaking with Legal Business on the move, Maher discussed his plan to advance the London office’s asset-backed practice in line with the US firm’s New York offering.

He stated: ‘My early focus will be on building out the asset finance practice in London. I aim to complement the work that the firm is currently doing in New York in the asset-backed finance sector. We see many opportunities in both London and New York through the relationships and platform at Paul Hastings.’

Maher, who has worked with funds and financial institutions clients such as Apollo, Barclays and Deutsche Bank, added: ‘There is a continuing trend among sponsors acquiring asset-origination platforms and using asset-backed finance as their main financing tool. Many of our clients, both on the sponsor and financial institution side, engage in these types of transactions. I believe we’ll be well-positioned to work closely with these clients to capitalise on the opportunities in the market.’

Firm chair Frank Lopez added: ‘Brian is an elite structured finance lawyer with a synergistic practice that bolsters our expanding asset-backed financing and capital markets securitisation capabilities.’

Maher concluded: ‘The feedback from my clients has been overwhelmingly supportive regarding Sophie, Emily, and me moving to Paul Hastings. It’s an incredible and strong platform, and we believe it will be an excellent environment for continuing our work with existing clients. We feel very positive about the future.’

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This article first appeared on Legal Business.

‘At the top of UK associate compensation’ – McDermott hikes London NQ pay to $225k

McDermott Will & Emery has become the latest firm to increase pay for London associates, raising salaries for newly qualified (NQ) associates to $225,000 as competition for talent among firms in the City intensifies. 

Effective from 1 January, the Chicago-headquartered firm will raise London associate pay from the current rate of £147,500 ($190,000), matching the so-called ‘Cravath scale’ for associate compensation, named after the elite US firm known for establishing salary benchmarks. 

Cravath Swaine & Moore’s latest rates, announced in November 2023, set NQ pay at $225,000, with $235,000 for second-years and $260,000 for third-years, rising to $420,000 and $435,000 for seventh- and eighth-years respectively. 

London managing partner Aymen Mahmoud (pictured) told Legal Business: ‘Our focus is on being the very best, and to do that we need to recruit and retain the very best. With this change, we think we are now at the top of UK associate compensation.’ 

McDermott will also match Cravath’s bonuses, but with adjustments that give associates the potential to earn even more.  

Mahmoud continued: ‘We already know our culture to be a key differentiator; now we have yet another. We are very excited about the future for our talented group of associates and seeing the greatness that they can achieve.’ 

While the conversion rate into British pounds varies from firm to firm, McDermott will now stand alongside other leading US firms such as Milbank, which offers an NQ salary of $225,000. Paul Weiss, Gibson Dunn, and Quinn Emanuel are also in this salary bracket, with starting salaries for newly qualified associates at £180,000 in London. 

While competition for top talent is fierce, the sustained pay increases for NQ lawyers have prompted much eyebrow-raising among the wider market. Hannah Benger, business director at Montresor Legal told LB: ‘The continual upward trend of premium US firm salaries invites the inevitable question – how long is it until the first firm announces a £200,000 salary for NQs? One assumes it will be soon.’ 

‘It’s important for the mid-market to really differentiate themselves in what they can offer their lawyers,’ Benger adds. ‘Vastly improved working hours, less intense expectations and highly flexible working policies are just a few options that would make them genuinely attractive to a lot of lawyers who might otherwise be tempted by the “big money” option.’

Salaries at leading US-headquartered firms continue to outstrip those on offer at the top of the UK market, with the biggest four Magic Circle firms recently increasing NQ pay to £150,000. David von Dadelszen, director at James Legal comments: ‘Big US firms seem to be able to reflect high NQ salaries up the bandings, but most UK firms can’t.’

‘Associates aren’t mugs – they read the press and speak with each other/recruiters,’ he added. 

In recent months, McDermott’s London office has experienced a wave of change. Alongside Mahmoud’s promotion to managing partner, private equity veteran Graham White has stepped in as London senior partner. The firm has also bolstered its ranks with notable laterals including debt finance heavyweight Chris Kandel from MoFo and private equity partner Fatema Orjela from Sidley. 

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This article first appeared on Legal Business.

‘Great progress everywhere but fastest in the US’: CC posts 28% Stateside hike as PEP rebounds

Clifford Chance (CC) has become the third magic circle to reveal its financial results for 2023-24, posting global revenue growth of 9% to £2.3bn, up from 5% last year. 

Profit, meanwhile, saw double-digit growth of 10%, up to £856m.  Profit per equity partner (PEP) was up slightly from £2m to £2.04m, back to the figure reported in 2021-22 after a slight dip last year. 

Commenting on the results, global managing partner Charles Adams said: ‘In another year of very strong performance, our record profits have enabled us to make substantial investments in our global team and operations. These strategic investments are already yielding benefits for our clients and our firm and position us for long-term success.’ 

When discussing the drivers of growth, Adams highlighted CC’s global litigation and disputes resolution and regulatory investigations teams, which accounted for more than 20% of the firm’s total income. He also emphasised the firm’s focus on the energy transition and infrastructure investment, as well as the technology sectors. 

The firm’s private capital sector was also highlighted, noting that in 2023, CC advised on 224 M&A deals with a total value of $208bn. Standout mandates during the year included advising Partners Group on the sale of public sector cloud software company Civica, while the firm has also been working with longstanding FTSE 100 client Informa on its £1.2bn offer for Ascential and acting for Unilever on the sale of its water purification business, Pureit, to water technology company A. O. Smith.

Over in the US, the firm saw a 28% increase in revenue. ‘We are making great progress everywhere, but fastest in the US,’ commented Adams. 

Along with its newly opened Houston office, and its offices in New York and Washington, the firm added a total of 19 partners during the year, bringing  total number in the US to 115. Notable hires include New York finance partner Jason Ewart, who joined from Latham & Watkins, and energy and infrastructure partner Marcia Hook, who moved from Kirkland & Ellis in Washington. 

In the firm’s Houston office, which has been open for just over a year, partner headcount has doubled to 14, with a total of 41 fee earners. New hires include M&A partner Jonathan Bobinger, who joined from Baker Botts, and energy and infrastructure partner Jonathan Castelan, who moved from Latham to co-head the firm’s energy transition group.  

The firm’s US progress will be closely watched by market peers given recent successes enjoyed by its magic circle competitors, with Freshfields making strides across the pond with an impressive run of high-profile hires, and Allen & Overy securing its long-awaited merger with Shearman & Sterling to form A&O Shearman.

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This article first appeared on Legal Business.

Dealwatch: Slaughter and May and Latham & Watkins lead as Hammerson sells £1.5bn stake in Bicester Village owner

Shopping centre owners have weathered a difficult few years, with the rise of e-commerce, Covid and the cost of living crisis causing much grief for those with stakes in bricks and mortar retail.

There is cause for optimism, however, with private equity firm L Catterton’s acquisition of Hammerson’s £1.5bn stake in Value Retail – owner of the Bicester Collection – emblematic of increasing confidence in the sector, and raising hopes of a continued recovery in deal activity.

Slaughter and May advised Hammerson on the transaction, which generated approximately £600m in cash proceeds for the property firm, fielding a team led by corporate duo Simon Tysoe and Richard Smith.

Meanwhile, Latham & Watkins advised the buyers, with the sale handled through Silver Bidco Limited, a newly formed company incorporated in Jersey established by affiliates of L Catterton, which is part owned by luxury goods giant LVMH. The firm’s London team was led by corporate partners Tom Evans and Linzi Thomas.

The Bicester Collection comprises nine luxury designer outlet shopping centres located outside of major European cities including Barcelona, Paris and Milan. It includes the Bicester Village shopping centre which is located on the outskirts of the Oxfordshire town Bicester.

Rita-Rose Gagné, CEO of Hammerson, said in a statement that the disposal was a ‘transformational deal’ that removed an ‘overweight, low yielding and minority stake’ and ‘focuses our portfolio on prime urban real estate’.

Hammerson has in the past turned to Herbert Smith Freehills for many of its major corporate and real estate mandates, including the £277m disposal of its stake in premium outlet operator Via Outlets in Q4 of 2020, led by corporate duo Alex Kay and Mike Flockhart. Kay also led on Hammerson’s attempted £3.2bn buyout of Intu in 2018, a transaction that was ultimately abandoned.

Another sign of increasing bullishness in the retail space was seen last month with TDR Capital’s acquisition of Zuber Issa’s shares in Asda, a deal that took the private equity firm’s share in Asda to 67.5%. Kirkland & Ellis advised TDR, led by corporate partners Stuart Boyd and Jessica Corr alongside competition partners Alasdair Balfour and Joel Gory, while Cleary Gottlieb Steen & Hamilton acted for Issa.

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This story first appeared on Legal Business.

Addleshaw Goddard – Ethnicity.Talent.Law Spring events – London and Leeds

Addleshaw Goddard LLP are pleased to invite you to the next instalment of the firm’s combined legal access scheme Ethnicity.Talent.Law.

There will be two events held: one in Leeds and one in London.

The aim of the scheme is to bring together students from ethnically diverse backgrounds studying at universities in Leeds, London and surrounding areas with people from Addleshaw Goddard LLP as part of a growing effort to increase ethnic diversity within the legal sector.

The Autumn instalment of Ethnicity.Talent.Law saw lawyers from Addleshaw Goddard LLP share their tips, stories, experiences and challenges in obtaining and undertaking a training contract at the firm. The Early Careers team provided an insight in how to approach training contract applications.

In the Spring session, we will focus on trainee life as well as giving some important guidance on succeeding as a trainee from those who work closely with trainees.

When/Where?

Leeds – Monday 22 April 2024 – 15:30 – 18:00. Sign up here.

London – Monday 29 April 2024 – 15.30 – 18:00. Sign up here.

Paul Weiss and Kirkland break revenue records amid London lateral shakeout

Paul Weiss has broken through the $2bn global revenue mark, posting a 10.8% hike on last year, as the firm’s bold London recruitment drive continues to make headlines.

The firm’s 178 equity partners took home an average of $6.5m in 2023, with profit per equity partner (PEP) up 14.8% from $5.73m the previous year.

Overall profit came in at $1.17bn, while revenue per lawyer was up 5.3% to $1.98m from last year’s $1.88m.

In recent months, Paul Weiss has recruited some of the City’s biggest hitters, among a total of 17 partner hires. Most have joined from Kirkland & Ellis, following the defections of debt finance superstar Neel Sachdev and big-name corporate partner Roger Johnson in August. The duo joined to lead the US firm’s London office, initiating a wave of hires aimed at building up a substantial English law practice.

Sachdev brought with him a Kirkland team including debt finance partner Kanesh Balasubramaniam and capital markets partners Matthew Merkle and Deirdre Jones, while Johnson has assembled an M&A practice with ex-Kirkland partner Andreas Philipson, as well as a tax practice featuring former Kirkland partners Timothy Lowe and Cian O’Connor.

Other names joining from Kirkland have included debt finance partner Stefan Arnold-Soulby and technology and intellectual property transactions specialist John Patten.

Paul Weiss has also targeted the Magic Circle, starting with the hire of Linklaters M&A partner Will Aitken-Davies in September. Notably, Lowe, O’Connor and Patten also had stints at Linklaters.

In December, it came as no surprise when Paul Weiss hired from Linklaters again, bringing on Nicole Kar, the former head of the Magic Circle firm’s antitrust and foreign investment practice. Adding to the Linklaters alumni, the following month the firm hired public M&A partner Dan Schuster-Woldan.

Clifford Chance has also been a target, with high-profile private equity partner Christopher Sullivan and acquisition finance partner Taner Hassan coming over in December, and just last week (18 March), junior private equity partner Oliver Marcuse followed suit.

Outside of the Magic Circle, Paul Weiss has also hired former Ropes & Gray competition partner Annie Herdman, who also served at Kirkland earlier in her career.

The recruitment drive has seen a complete changing-of-the guard for Paul Weiss in London, which has had a modest City presence without English law capability since 2001. Last May deputy London head Ramy Wahbeh and corporate partner Kaisa Kuusk both left to join Sidley, followed by the departure of London managing partner Alvaro Membrillera to Kirkland in early August, a move which was one of a number of factors which sparked the flurry of moves in the opposite direction.

On the back of the new additions, the firm announced in October it was set to move into Twitter’s former UK headquarters in Soho.

Recent London deal highlights for Paul Weiss have included advising General Atlantic on its acquisition of a majority stake in coffee shop Joe & the Juice from Valedo Partners, with Johnson and Balasubramaniam working alongside partners in the US.

The seven billion dollar law firm

Despite the departures in London, Kirkland has consolidated its position as the largest law firm in the world, with global revenue increasing by 10% last year to $7.2bn, according to The American Lawyer.

The firm’s 539 equity partners took home an average of $8m as PEP increased 5.8%, with overall profit standing at $4.3bn. RPL also increased by 7.5% from $1.9m last year, to $2.05m.

As well as highly regarded private equity partner Membrillera, the firm has made a number of other significant recent additions to its team, including debt finance partners Ian Barratt and Sinead O’Shea, who joined from Simpson Thacher & Bartlett, while Herbert Smith Freehills ESG head Rebecca Perlman also recently came on board in London.

O’Shea, alongside London debt finance colleague Jerome Hoyle, were recently part of a global team advising KKR on financing for its voluntary public takeover offer to all shareholders of Encavis, a leading German wind and solar park operator.

The firm’s restructuring team has also handled a number of significant mandates of late, such as advising global engineering and construction business McDermott International on the cross-border restructuring of around $2.6bn of the group’s secured debt facilities.

In 2023 Kirkland also opened a new office in Riyadh, recruiting corporate partner Noor Al-Fawzan and capital markets Manal Al-Musharaf from Latham & Watkins and White & Case respectively, to join the 20th global office of the Chicago giant.

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This story first appeared on Legal Business.